This folder contains the replication package for HIDDEN AGENDAS IN SHAREHOLDER VOTING, by Scott Hirst & Adriana Z Robertson, Yale Journal on Regulation, 2022.

Please read this file before continuing. 

Note: the code in this package has been tested using Stata 16.1. It has not been tested using any other version.  


Ensure that the cd line in each file is pointing to the folder you wish to work from. That folder should include a subfolder called "Results" (where the results will be saved) and a subfolder called "Raw" (containing the raw data you will obtain on your own), and subfolder called "SecLending" containing the FIS securities lending files. In our build, the Raw folder also contains a further sub folder called "SecLending" which contains processed versions of the securities lending data (this is done to conserve hard drive space--the raw files were so large that it was impractical to store them locally).

This replication package contains four .do files:

01_PrepareRecordDate_FINAL.do
This file cleans the raw data (except the raw securities lending data). To run this file, you will need to obtain the raw data from several sources. These are indicated in lines 10-17 of the .do file. Please be aware that CRSP data do occasionally change, including the names of certain variables. Should that happen, you may need to make some conforming adjustments to the code. 

02_Lending_FINAL.do
This file cleans the raw securities lending data. To run this file, you will need to obtain the raw data from FIS. The file also relies on two intermediate .dta files created in 01_PrepareRecordDate, indicated in lines 18-21. This file also produces Figures 1-4 from the paper, as well as two supplementary tables which are not in the final paper, but provide values mentioned in the text. 

03_AnalyzeRecordDate_FINAL.do
This file produces tables 2 and 3 in the paper, as well as certain other values mentioned in the text. The file relies on two intermediate .dta files created in 01_PrepareRecordDate and two intermediate .dta files created in 02_Lending.

04_Predict_FINAL.do
This file produces table 4 in the paper. The file relies on two intermediate .dta files created in 01_PrepareRecordDate.
  